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<Research>G Sachs Adds SH PHARMA (02607.HK) TP to $10.3, Lifts NP Forecasts
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SH PHARMA (02607.HK)'s 4Q25 revenue was RMB68.5 billion, up 4.4% YoY, higher than Goldman Sachs' forecasted RMB65.9 billion, mainly driven by solid performance in its manufacturing segment, according to Goldman Sachs' research report.

However, net profit for the same period amounted to RMB578 million, up 16% YoY, below the broker's estimation of RMB1.2 billion, mainly due to a substantial increase in selling expenses driven by the commercialization of innovative drugs, as well as investment losses and asset impairments recognized during the period.

Related News CLSA Raises Shanghai Pharmaceuticals (02607.HK) TP to HKD15.2, Rating Outperform
Goldman Sachs raised its 2026-2027 net profit anticipations for SH PHARMA by 5.8%/ 1.7% each to reflect higher selling expenses and the consolidation of Shanghai Hutchison Pharmaceuticals, and introduced a 2028 EPS forecast of RMB1.06.

Therefore, the broker added its target price from $10.03 to $10.3, with rating kept at Sell.

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